Deal reached over
Greece 's debts
All
sixteen Euro zone countries have backed a financing plan to help
debt-laden Greece.
The safety net would
total up to twenty-two billion euros and would apply only if
market lending to Greece dried up.
French President, Nicolas Sarkozy, said Eurozone nations would
grant coordinated bilateral loans, of about two-thirds of the
funding.
Greek Prime Minister, George Papandreou, said the plan worked
out at a summit in Brussels , was satisfactory.
The president of the European Council, Herman Van Rompuy, said
the deal was significant "not just for Greece , but for the
stability of the Eurozone.
The Bailout Programme.
The joint Eurozone and IMF bailout programme envisages strict
conditions and requires the unanimous agreement of the 16
Eurozone nations to release loans.
BBC/Williams
